Malta Driving Blockchain Implementation in Public Services – Rental Laws Reformed

Image Source: Shutterstock

Malta Driving Blockchain Implementation in Public Services – Rental Laws Reformed

Joseph Muscat, the Prime Minister of Malta, announced on Sunday that every rental contract in Malta would be drawn upon blockchain. He announced on the radio,

“Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology,” Muscat said.

The prime minister made the announcement to ensure the security of contracts. Blockchain contracts are stored on a distributed ledger protocol. Hence, it is difficult to cause changes on the blockchain without the authorization and validation of some or several parties involved in the process and outlined by the code. He said,

“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it. This shows how the digital transformation will affect their lives.”

The proposal is in the final stages of approval in the parliament. Reportedly, since Friday, the bill has received 250 reactions from the construction and building community. Prime Minister, Muscat noted that their opinions would be taken into consideration before the finalization. However, is the primary target was to protect the evasion of tax laws and ensure public security. He said,

“…I am sure [the new laws] will be for the best of the people. Some will be in favour, some will be against, and those against will probably be so because they will have more responsibility to deal with.”

Malta is the home to one of the largest Exchanges in the market, Binance. While it provides a highly favorable environment for financial innovation and growth, the Prime Minister is focused on improving the socio-economic conditions of the nations entirely.

Also Read: Singapore Firm, Temasek Set To Employ Blockchain And AI

As reported on Coingape earlier, the Government is also looking towards stablecoin implementation in the banking system to avoid volatility and increase efficiency. The Chinese and Singapore Government are also working towards implementing the blockchain chain technology in recordkeeping and other public service programs.

Summary
Malta Driving Blockchain Implementation in Public Services - Rental Laws in Reformation
Article Name
Malta Driving Blockchain Implementation in Public Services - Rental Laws in Reformation
Description
Joseph Muscat, the Prime Minister of Malta, announced on Sunday that every rental contract in Malta would be drawn upon blockchain. He announced on Radio One, 
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Post your comment...
Nivesh Rustgi 642 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Follow Nivesh @